Budget 2017: Reps Reject FG’s Exchange Rate of N305 To A Dollar

The House of Representatives yesterday rejected the Federal Government’s exchange rate of N305 to a dollar in this year’s budget.

The lawmakers say it would result in huge corruption, because the dollar exchanges to the naira at one to 500 at the parallel market.

They also queried the executive on the domestic borrowing plan of the administration saying it would lead to a shortage of funds for the real sector.

Also the house of representatives is set to pass the medium term expenditure framework and fiscal strategy paper ahead of the consideration of the 2017 appropriation bill.

Chairman of the House Committee on Media and Public Affairs, Abdulrazak Namdas, confirmed that consultations between the house and leadership of ministries, departments and agencies were at an advanced stage.